Find out more at http://www.deloitte.co.uk/cfosurvey
A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion.
Key findings:
- CFOs' perceptions of external macro and financial risk have hit three-year lows.
- The financing environment for corporates has improved still further. Cost of credit is at its lowest and availability at its highest since the survey began in 2007.
- 54% of CFOs say now is a good time to take greater risk onto their balance sheet, a six-year high.
- Austerity is out and expansion is coming in. Cost control and cash conservation are moving out of favour. Expansion is, once again, the top priority for corporates.
About the Deloitte CFO Survey:
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2013 Q2 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
The second quarter's Deloitte CFO Survey, published on 9th July 2013, shows a sharp rise in risk appetite at the top end of the corporate sector and a shift towards expansionary strategies.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2014 Q1 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Record risk appetite: Greater confidence about growth in the UK and euro area is supporting corporate investment.
This is the 27th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q1 2014 survey took place between 6th and 24th March.
126 CFOs participated, including the CFOs of 27 FTSE 100 and 45 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 80 UK-listed companies surveyed is £570 billion, or approximately 26% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q1 resultsDeloitte UK
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey: 2013 Q4 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
With low levels of uncertainty, improved access to finance and greater confidence in the Bank of England's policies, Chief Financial Officers (CFOs) are gearing up for expansion, investment and hiring in 2014.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey 2014 Q2 results - Policy change is biggest concern fo...Deloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Policy change has emerged as the biggest concern for chief financial officers, ahead of economic uncertainty.
- Policy change is biggest concern for CFOs.
- Perceptions of economic and financial uncertainty have hit a four-year low.
- CFO appetite for risk remains high as corporates shift from balance sheet repair to growth.
- 51% of CFOs expect interest rates to be equal to or above 1.0% in a year’s time.
This is the 28th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q2 2014 survey took place between 6th and 23rd June.
112 CFOs participated, including the CFOs of 31 FTSE 100 and 37 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 68 UK-listed companies surveyed is £473 billion, or approximately 21% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q2 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
The second quarter's Deloitte CFO Survey, published on 9th July 2013, shows a sharp rise in risk appetite at the top end of the corporate sector and a shift towards expansionary strategies.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2014 Q1 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Record risk appetite: Greater confidence about growth in the UK and euro area is supporting corporate investment.
This is the 27th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q1 2014 survey took place between 6th and 24th March.
126 CFOs participated, including the CFOs of 27 FTSE 100 and 45 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 80 UK-listed companies surveyed is £570 billion, or approximately 26% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q1 resultsDeloitte UK
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey: 2013 Q4 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
With low levels of uncertainty, improved access to finance and greater confidence in the Bank of England's policies, Chief Financial Officers (CFOs) are gearing up for expansion, investment and hiring in 2014.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey 2014 Q2 results - Policy change is biggest concern fo...Deloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Policy change has emerged as the biggest concern for chief financial officers, ahead of economic uncertainty.
- Policy change is biggest concern for CFOs.
- Perceptions of economic and financial uncertainty have hit a four-year low.
- CFO appetite for risk remains high as corporates shift from balance sheet repair to growth.
- 51% of CFOs expect interest rates to be equal to or above 1.0% in a year’s time.
This is the 28th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q2 2014 survey took place between 6th and 23rd June.
112 CFOs participated, including the CFOs of 31 FTSE 100 and 37 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 68 UK-listed companies surveyed is £473 billion, or approximately 21% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
A stream of new money flowing into loan and credit funds overwhelmed new issue supply, providing issuers (and their agents) the opportunity to run robust offering processes and gamer attractive economic and structural terms. The recent tightening in monetary policy and strong macroeconomic conditions notwithstanding, all-in-cost of leverage has, thus far, remained near recent lows.
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
This presentation by Adrian Blundell-Wignall shows key figures from the 2015 edition of the OECD Business and Finance Outlook.
Find more information about the Outlook at
http://www.oecd.org/daf/oecd-business-finance-outlook.htm
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
EY Global Capital Confidence Barometer (12th Edition)EY
Innovation, complexity and disruption define the new M&A market.
Our 12th Global Capital Confidence Barometer finds the global M&A market maintaining the positive momentum that developed during 2014. For the first time in five years, more than half our respondents are planning acquisitions in the next 12 months, as deal pipelines continue to expand.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
Global equities hit another record high in December as global economic data remained robust, economic growth prospects kept being upgraded and financial conditions stayed accommodative.
LBS - Asset Allocation Model – February UpdateMark MacIsaac
Robust and synchronized upswing in global economic growth, still accelerating earnings growth, global consensus earnings projections continuing to improve and accommodative financial conditions all remained supportive of equities in January.
Este estudo periódico analisa as respostas dos CFOs das maiores empresas portuguesas, integrados num painel com outros 15 países europeus: Áustria, Bélgica, Finlândia, França, Alemanha, Irlanda, Itália, Holanda, Noruega, Polónia, Reino Unido, Rússia, Espanha, Suécia e Suíça. Temos como objetivo perceber o sentimento dos CFOs portugueses em comparação com os seus pares europeus e em relação a tópicos económicos, financeiros e estratégicos, tornando os seus pontos de vista disponíveis para uma audiência mais vasta.
A stream of new money flowing into loan and credit funds overwhelmed new issue supply, providing issuers (and their agents) the opportunity to run robust offering processes and gamer attractive economic and structural terms. The recent tightening in monetary policy and strong macroeconomic conditions notwithstanding, all-in-cost of leverage has, thus far, remained near recent lows.
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
This presentation by Adrian Blundell-Wignall shows key figures from the 2015 edition of the OECD Business and Finance Outlook.
Find more information about the Outlook at
http://www.oecd.org/daf/oecd-business-finance-outlook.htm
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
EY Global Capital Confidence Barometer (12th Edition)EY
Innovation, complexity and disruption define the new M&A market.
Our 12th Global Capital Confidence Barometer finds the global M&A market maintaining the positive momentum that developed during 2014. For the first time in five years, more than half our respondents are planning acquisitions in the next 12 months, as deal pipelines continue to expand.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
Global equities hit another record high in December as global economic data remained robust, economic growth prospects kept being upgraded and financial conditions stayed accommodative.
LBS - Asset Allocation Model – February UpdateMark MacIsaac
Robust and synchronized upswing in global economic growth, still accelerating earnings growth, global consensus earnings projections continuing to improve and accommodative financial conditions all remained supportive of equities in January.
Este estudo periódico analisa as respostas dos CFOs das maiores empresas portuguesas, integrados num painel com outros 15 países europeus: Áustria, Bélgica, Finlândia, França, Alemanha, Irlanda, Itália, Holanda, Noruega, Polónia, Reino Unido, Rússia, Espanha, Suécia e Suíça. Temos como objetivo perceber o sentimento dos CFOs portugueses em comparação com os seus pares europeus e em relação a tópicos económicos, financeiros e estratégicos, tornando os seus pontos de vista disponíveis para uma audiência mais vasta.
Conoce los aspectos legales y operativos de Import-Export de las mercancías", en los Cursos de Comercio Exterior impartidos por Selecen que inician el próximo Sábado 19 de Octubre. ¡¡CUPO LIMITADO!!, Mayores informes al (81) 1100-2399, o al email: liliana.ramirez@selecen.com.mx. Pregunta por las becas a estudiantes y descuentos a empresas.
Joomla!Day Poland 2013 - Joomla and Open Source - How it works and how can I ...Ofer Cohen
Joomla is open source non-corporate back-end and totally community driven - means we as global community make it happened, every feature, development, core template, marketing, support, forums and even certification done by volunteers. The lecture show how every Joomla user can help to the Joomla Project, even if he doesn't know any code, nor English language
The CFO Survey is firmly established with media and policy makers as an authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major UK corporate users of capital that gauges attitudes to valuations, risk and financing.
To read the full report, visit www.deloitte.co.uk/cfosurvey
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Global Capital Confidence Barometer | How can you reshape your future before ...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Thought Leadership Consulting, a Euromoney Institutional Investor company. Our panel comprises select global EY clients and contacts and regular Thought Leadership Consulting contributors.
People Power: Business across the globe to employ more staff to accelerate gr...Regus
The Regus Business Tracker - Edition 3 - reveals that companies all over the world are planning to increase headcounts as a way of accelerating growth. Find out more about Regus: http://www.regus.com?utm_campaign=slideshare
Etude PwC "Fit for business" sur les entreprises de l'Eurozone (nov. 2014)PwC France
http://bit.ly/EntreprisesEurozone
Les entreprises de la zone euro ne parviennent pas à transformer les défis financiers et structurels issus de la crise actuelle en opportunités de croissance. Elles sont 20% à penser que la zone euro pourrait s’effondrer, mais sont 36% à n’avoir mis en place aucun plan pour lutter contre la crise persistante de région. Telles sont les conclusions d'une étude menée par le cabinet d’audit et de conseil PwC auprès d’environ 400 dirigeants européens (hors services financiers).
La decimoséptima Encuesta Mundial de CEOs, elaborada por PwC y presentada hoy en el Foro Económico Mundial de Davos, revela una mejora de las expectativas entre los máximos directivos de todo el mundo. Sin embargo, hay algunos matices, según la zona geográfica de la que se trate. Los CEOs españoles y los europeos, por ejemplo, se encuentran entre los más optimistas -en ambos colectivos un 50% estima que las cosas irán mejor en 2014-. En este caso, tiene gran influencia la desaparición de algunos riesgos muy presentes hace tan solo unos meses, como el colapso financiero de la eurozona.
La confianza de los CEOs en la evolución de la economía y de sus negocios en 2014 aumenta aunque con cautelas. El número de presidentes y consejeros delegados de todo el mundo que espera una mejora de la economía global en los próximos doce meses se ha multiplicado por dos en comparación con el año pasado, hasta el 44%, y sólo un 7% cree que las cosas irán peor. Sin embargo, esta opinión no está exenta de incertidumbres. De hecho, los primeros ejecutivos son más optimistas sobre la evolución de la actividad económica global que sobre la de sus propios negocios, que crece respecto a 2013, aunque solo tres puntos, del 36% al 39%.
Encuesta Mundial CEOs - Informes PwC - Informe completoPwC España
Por decimoséptimo año consecutivo PwC ha presentado en el World Economic Forum de Davos su Encuesta Mundial de CEOs. El informe recoge la opinión de 1.344 presidentes y consejeros delegados de 68 países de todo el mundo sobre el futuro de la economía y de sus negocios.
http://pwc.to/1aKeYgR
Pour cette 17e édition de l’étude mondiale annuelle de PwC “Global CEO Survey”, 1344 interviews ont été conduites dans 68 pays entre septembre et décembre 2013. 445 entretiens ont été menés en Asie-Pacifique, 442 en Europe, 212 en Amérique du Nord, 165 en Amérique latine, 45 en Afrique et 35 au Moyen-Orient.
http://pwc.to/11CB1Xq
Dans son étude « Working Capital Survey 2013 », PwC montre que la performance BFR (Besoin en Fonds de Roulement, soit la trésorerie mobilisée par l’activité) des entreprises mondiales s'est dégradée de 2 % par rapport à l'année dernière. Seule exception, les sociétés européennes ont amélioré leur situation, démontrant une corrélation entre PIB et niveaux de BFR.
1. Macro environment - Global growth slowing, particularly in Europe. UK growth expected to be 1.2% this year but Brexit risks loom large.
2. Momentum - business investment declining, household spending holding up on strong wage growth.
3. Operating costs – expected to rise due to tight labour market, wage growth close to a 11-year high. Commodity prices up 12.5% ytd.
4. Corporate stance – risk appetite lowest since 2008, focus on cost reduction and increasing cash flow.
5. Balance sheet – cash rich, credit cheap and easily available, pockets of debt risk in ‘cov-lite’ sectors, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
As current growth rates reach a new low, competition for the future is on the...SimCorp
As growth rates came to a standstill in 2015, we took stock of expectations for the future. Surveying firms worldwide, we discovered them to be optimistic about long-term prospects, and found the pursuit of future profits gathering pace.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish.
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
The 2018/19 season saw English and European football reach new record levels of revenue generation. This snapshot of the peak before the impact of the COVID-19 pandemic also includes some warning signs for the challenges to come.
Generating record revenue of €841m, Barcelona reach the top of the Money League for the first time, becoming the first club to break the €800m barrier. Overall, the 20 highest earning football clubs in the world generated a record €9.3bn (2018: €8.3bn) of combined revenue in 2018/19, an increase of 11% on the previous year.
UK corporate environment - November 2019Deloitte UK
1. Macro environment - Global economy set to grow at slowest pace since 2010 this year, and remain below trend in 2020. UK growth to remain soft this year and next. Brexit and geopolitical uncertainty loom large.
2. Momentum – UK avoided recession in Q3, business investment declining, manufacturing activity soft, household spending holding up but slowing.
3. Operating costs – cost pressures due to tight labour market but may loosen as firms pull back on hiring. Commodity prices and rental values soft. Credit conditions expected to tighten.
4. Corporate stance – risk appetite near lowest level since 2008, focus on cost reduction, deleveraging and increasing cash flow.
5. Balance sheet – cash rich, credit still relatively cheap and easily available but signs of tightening, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
1. Global slowdown underway
2. Impact of trade tensions greater and more prolonged than expected
3. Exports, manufacturing and investment worst hit
4. Central banks have responded with rate cuts and QE
5. Monetary easing has supported equities, recovering after a sell off in August
6. Consumers remain key driver of activity
7. Slow growth to continue, risks tilted to the downside
1. Global activity continues to ease
2. Significant slowdown in euro area
3. Trade tensions have hit export-reliant economies
4. Rate expectations pushed back as central banks make dovish statements
5. Equities sold off in May with investors switching to bonds
6. 2020 UK growth heavily dependent on Brexit settlement
7. Risks to global growth tilted to the downside
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
1. A new mood of confidence pervades the third quarter
CFO Survey. Chief Financial Officers see fewer risks in the
global economy and greater opportunities for expansion.
The defensive strategies of cost-cutting and cash
accumulation that saw corporates through the global
financial crisis are increasingly out of favour. The priority
now is expansion. The balance‑sheet cycle has turned
decisively towards growth.
CFOs have become markedly more positive on prospects
for growth in the developed world. There is greater
confidence too, that the euro area will hold together.
Emerging markets are a vital source of demand but CFOs
are also looking to Europe for expansion.
In a reversal of the situation six months ago, CFOs believe
that UK growth will have a more positive effect on
their investment plans in the next year than growth in
emerging markets or in the US, Japan and Asia-Pacific.
It is symptomatic of the changed attitude that a record
54% of CFOs say that now is a good time to take risk
onto their balance sheet. High levels of corporate cash
and favourable credit conditions suggest that major
corporates have the firepower to invest.
Q3 2013
Priority: Expansion
The Deloitte CFO Survey
September 2013
2. 20%
25%
30%
35%
40%
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
10
Q3
Defensive strategies
Expansionary strategies
Chart 1. CFO priorities: Expansionary vs. defensive strategies
Arithmetic average of the % of CFOs who rated expansionary and defensive strategies as a strong priority for their business in
the next 12 months. Expansionary strategies are introducing new products/services or expanding into new markets, expanding
by acquisition and increasing capital expenditure. Defensive strategies are reducing costs, reducing leverage and increasing
cash flow.
The Deloitte CFO Survey
3. The pressure on companies from institutional investors
to do so is also mounting. Bank of America Merrill
Lynch’s September fund managers’ survey found
that 54% of investors want companies to cut cash
levels and boost capital spending, an eight-year high.
As BofA/ML notes, for institutional investors, “austerity
is out, expansion is in”.
The mood among corporates has been transformed
in the last year. This quarter’s survey reveals a
broad‑based optimism and a new focus on growth
among the UK’s largest businesses.
Authors
Ian Stewart
Chief Economist
020 7007 9386
istewart@deloitte.co.uk
Debapratim De
Senior Economic Analyst
020 7303 0888
dde@deloitte.co.uk
Alex Cole
Economic Analyst
020 7007 2947
alecole@deloitte.co.uk
Contacts
Ian Stewart
Chief Economist
020 7007 9386
istewart@deloitte.co.uk
Mark FitzPatrick
Vice Chairman and
CFO Programme Leader
020 7303 5167
mfitzpatrick@deloitte.co.uk
To access current and past copies
of the survey, historical data and
media coverage, please visit:
www.deloitte.co.uk/cfosurvey
The Deloitte CFO Survey
4. CFO optimism has risen for the fifth consecutive quarter
and is now running close to a three‑year high.
-60%
-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
50%
13
Q3
12
Q4
12
Q1
11
Q2
10
Q3
09
Q4
09
Q1
08
Q2
07
Q3
LessoptimisticMoreoptimistic
Chart 2. Business confidence
Net % of CFOs who are more optimistic about the financial prospects for their company now than three months ago
Greater optimism
5. CFOs’ perceptions of economic uncertainty have
continued to fall.
62% of CFOs report the level of financial and economic
uncertainty facing their businesses is above normal, high
or very high, down from 97% two years ago.
60%
70%
80%
90%
100%
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
10
Q3
Chart 3. Uncertainty
% of CFOs who rate the level of external financial and economic uncertainty facing their business as above normal, high or
very high
Greater optimism
6. Fears of a euro break‑up have also subsided. CFOs now assign an 8% probability to the euro area
breaking up in the next 12 months, the lowest reading
in two years.
0%
5%
10%
15%
20%
25%
30%
35%
40%
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
37%
26%
36%
27%
22%
18%
9%
8%
Chart 4. Average probability of euro break-up
Probability assigned by UK CFOs to the likelihood of any of the existing members of the euro area not being in the single
currency in the next 12 months
Greater optimism
7. Rising risk appetite
Greater optimism and lower uncertainty have
contributed to an increased willingness among
corporates to take risk.
A record 54% of CFOs say that now is a good time to
take greater risk onto their balance sheets.
0%
10%
20%
30%
40%
50%
60%
07
Q3
08
Q1
08
Q3
09
Q1
09
Q3
10
Q1
10
Q3
11
Q1
11
Q3
12
Q1
12
Q3
13
Q1
13
Q3
Chart 5. Risk appetite
% of CFOs who think this is a good time to taker greater risk onto their balance sheets
8. 0
1
2
3
4
5
6
7
8
9
10
Uncertainty about the economic and financial environment
Actual or expected
levels of economic
activity/GDP growth
in the euro area
Fiscal consolidation
in the UK
(tax rises, cuts in
public spending)
Actual or expected
levels of economic
activity/GDP growth
in the UK
Availability of
internal finance
Cost and availability
of external finance
Actual or expected
levels of economic
activity/GDP growth
in emerging markets
Actual or expected
levels of economic
activity/GDP growth
in the rest of the
world (including
the US, Japan
and Asia-Pacific)
Secular or long-term growth
for your products or services
2013 Q3 – Effect over last 12 months
2013 Q3 – Effect over next 12 months
Chart 6. Factors affecting corporate investment plans
CFOs’ assessment of the effect of each of the following factors on
their investment plans:
On a 10-point scale where 0 implies the most negative effect and
10 the most positive
Rising risk appetite
Chart 6 shows CFOs’ assessment of how nine
key factors have affected their investment plans
in the last 12 months and how they are likely to
do so in the next year.
CFOs think all these factors will offer greater
support to investment over the next year.
Uncertainty has been the greatest constraint
on investment but CFOs expect its influence to
weaken. CFOs also believe that growth in the
UK and the euro area will exert a significantly
more positive effect on investment over the
next year. Indeed, in a striking change, UK
growth is now seen as being more supportive of
investment than growth in emerging markets.
CFOs remain most optimistic about prospects
for long‑term growth in demand for their own
products and services.
9. Corporates turn expansionary
Disposing of assets
Reducing leverage
Raising dividends or
share buybacks
Increasing capital expenditure
Expanding by acquisition
Reducing costs
Increasing cash flow
Introducing new products/services
or expanding into new markets
2013 Q3 2013 Q2
40%
40%
29%
34%
20%
15%
14%
11%
13%
9%
9%
8%
12%
21%
38%
35%
Chart 7. Corporate priorities in the next 12 months
% of CFOs who rated each of the following as a strong priority for their business in the next 12 months
For the first time in a year and a half CFOs have chosen
an expansionary strategy – introducing new products
and services or expanding into new markets – as their
top priority.
They are also placing greater emphasis on increasing
capital expenditure and have softened their focus
on defensive strategies such as increasing cash flow,
reducing costs and reducing leverage.
10. Expectations for capital expenditure, hiring and
discretionary spending over the next 12 months, have hit
three‑year highs.
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
10
Q3
DecreaseIncrease
Capital expenditure
Hiring
Discretionary spending
Chart 8. Outlook for capital expenditure, hiring and discretionary spending
Net % of CFOs who expect UK corporates’ capital expenditure, hiring and discretionary spending to increase over the next
12 months
Corporates turn expansionary
11. CFOs are coming under growing pressure from
institutional investors to increase investment.
Bank of America Merrill Lynch’s September fund
managers’ survey found that 54% of investors
want companies to cut cash levels and boost
capital spending, an eight‑year high. This is
a dramatic change from five years ago when
investors wanted companies to repair their
balance sheets.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Repair balance
sheet
Return cash to
shareholders
Increase capex
28%
54%
Source: Bank of America Merril Lynch
2009
11%10%11%
70%
September 2013
Chart 9. What fund managers want companies to do with cash
% of fund managers who would like companies to increase capital
expenditure, return cash to their shareholders and repair their balance
sheets
Investors seek capex
12. In the last six months CFOs have become more
positive on the prospects for economic activity
throughout the industrialised world. There has
been a particularly strong improvement in
sentiment about the UK and US economies.
Expectations for emerging economies have, by
contrast, deteriorated in the last six months.
91%
83%
52% 48%
-42%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Emerging
markets and
developing
economies
JapanEuro areaUSUK
Chart 10. Prospects for economic activity
Net % of CFOs reporting an improvement in prospects for economic
activity over the last six months in the UK, US, euro area, Japan and
emerging markets
Investors seek capex
13. Under its new policy of forward guidance, the
Bank of England has indicated that interest rates
are likely to stay on hold until late 2016.
CFOs seem sceptical; most expect UK interest
rates to rise by 2015.
0% 20% 40% 60% 80% 100%
After 2016
2016
By 2015
4%
15%
82%
Chart 11. Rate rise expectations
% of CFOs who expect the Bank of England’s Bank Rate to rise by
2015, in 2016 and after 2016
Investors seek capex
14. For the large companies in the CFO Survey credit
conditions have improved continuously for more than
a year.
CFOs now rate credit as being cheaper and more
available than at any time in the last six years.
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
CreditischeapCreditiscostly
CreditishardtogetCreditisavailable
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
07
Q3
08
Q1
08
Q3
09
Q1
09
Q3
10
Q1
10
Q3
11
Q1
11
Q3
12
Q1
12
Q3
13
Q1
13
Q3
Cost of credit (LHS)
Availability of credit (RHS)
Chart 12. Cost and availability of credit
Net % of CFOs reporting credit is costly and credit is easily available
Easy credit
15. Bank borrowing has become significantly more
attractive to CFOs in the last two years. CFOs rate bank
borrowing and bond issuance as being equally attractive.
Equity issuance has moved back into favour as a source
of funding for the first time in four years.
-60%
-40%
-20%
0%
20%
40%
60%
80%
UnattractiveAttractive
Equity issuance
Bank borrowing
Bond issuance
07
Q3
08
Q1
08
Q3
09
Q1
09
Q3
10
Q1
10
Q3
11
Q1
11
Q3
12
Q1
12
Q3
13
Q1
13
Q3
Chart 13. Favoured source of corporate funding
Net % of CFOs reporting the following sources of funding as attractive
Easy credit
16. CFOs see benefits from UK membership of the European
Union in all but one of the seven areas covered in this
quarter’s special question.
The exception is the EU’s legal, regulatory and
compliance framework where CFOs are, on balance,
fairly negative.
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
The legal, regulatory and
compliance framework
The success of UK financial services
UK influence in and connections with
the rest of the world
The free movement of people
Attracting foreign direct investment
Facilitating corrections with other
euro area nations
UK export performance
51%
61%
77%
80%
89%
27%
-64%
Chart 14. Benefits of European Union membership
Net % of CFOs who rate the following as benefits to UK business and the UK economy of European Union membership
Easy credit
17. The macroeconomic backdrop to the
Deloitte CFO Survey Q1 2013
Western equity markets continued to climb in the
third quarter and government bond yields edged
higher. Economists’ forecasts for GDP growth in the
industrialised world rose. The euro area emerged from
recession and the UK posted stronger than expected
growth in the second quarter.
The outlook for emerging market economies softened,
with a number suffering capital outflows and a
weakening of their currencies. Under its new policy of
forward guidance the Bank of England indicated that
UK interest rates are likely to stay on hold until late
2016. The US Federal Reserve surprised markets in mid
September by announcing it is not yet ready to slow the
pace of Quantitative Easing.
CFO Survey: Economic and financial context
18. UK expected to
grow by 1.9% in 2014
Quarter-on-quarter
growth
Year-on-year
growth
20142013201220112010200920082007
-8
-6
-4
-2
0
2
4
6
Forecasts
UK GDP growth: Actual and forecast (%)
Source: ONS, consensus forecasts from The Economist and Deloitte calculations
CFO Survey: Economic and financial context
19. CFO Survey: Economic and financial context
VIX Index – a measure of equity market volatility
Financial stress edged lower in the third quarter
0
10
20
30
40
50
60
70
80
90
2013201220112010200920082007
Greaterfinancialstress
20. UK private and public sector job growth (thousands)
-300
-200
-100
0
100
200
300
400
500
Q1
13
Q2
12
Q3
11
Q4
10
Q1
10
Q2
09
Q3
08
Q4
07
Q1
07
Private sector hiring offsets
public sector job losses
Public sector
Source: ONS
Private sector
CFO Survey: Economic and financial context
21. UK annual CPI inflation (%)
UK inflation steady, remains above 2% target
0
1
2
3
4
5
6
7
8
9
131109070503019997959391
Source: ONS
CFO Survey: Economic and financial context
22. Two-chart summary of key survey messages
60%
70%
80%
90%
100%
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
10
Q3
Uncertainty
% of CFOs who rate the level of external financial and economic uncertainty facing their business as above normal, high or
very high
Uncertainty at
3-year low
23. Two-chart summary of key survey messages
0%
10%
20%
30%
40%
50%
60%
07
Q3
08
Q1
08
Q3
09
Q1
09
Q3
10
Q1
10
Q3
11
Q1
11
Q3
12
Q1
12
Q3
13
Q1
13
Q3
Risk appetite
% of CFOs who think this is a good time to taker greater risk onto their balance sheets
Risk appetite
at 6-year high